For a year, the Trump administration has been threatening to choke off oil sales from Iran, which it sees as an outlaw regime that destabilizes the Middle East. The White House says this time it’s serious. In nine days the U.S. will make no exceptions to sanctions — no country that imports oil from Iran will be exempt. Iranian crude exports will likely plummet. It turns out that oil markets were not expecting a no-tolerance policy. Traders are worried that tightening Iran’s spigot could leave the world with too little oil.
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